Global Polymers Market size is forecast to reach around $ 750 billion by 2025, after growing at a CAGR of 5.1% during 2020-2025. Polymer is one of the widely used chemical products in almost all the sectors such a medical, aerospace, packaging, automotive, construction, electrical appliances, and medical sector, and consequently, the global polymers market is thriving. Polymers are used widely as a substitute of metal and mineral based products due to its high performance, cost-effectiveness, and low weight. Increase in the retail sector and prospering e-commerce industry is demanding for more packaging material that is influencing the significance of the polymers market. Whereas, the growing interest in renewable feedstock and biopolymers among the consumers have led to the development of several alternatives to traditional plastics that in turn drives the demand for Polymer during the forecast period. Furthermore, growing demand for polymer in the electronic industry for the manufacturing of different electrical parts such as switches and sockets are driving the Polymers Market.
The polymer has many useful properties which make it suitable for various end-use industry applications. It has low strength and hardness, but is very ductile and has good impact strength; it will stretch rather than break. Polymer based products has a good electric insulator, offering electric treeing resistance but can become electrostatically charged. Hence, owing to these properties the demand for Polymer is gaining momentum in various industries such as automotive, electrical and electronics, food and beverage, and consumer goods. The growing demand further projects the Polymers Market in good light and ensures its prospects in the coming years. In the automotive industry, manufactures are focusing on increasing the efficiency of vehicles by reducing the weight of the vehicles. Polymer material is preferred as it is light in weight, offers easy process ability, sealing and stiffness properties. In the food and beverage industry, consumption for Polymer is growing at a rapid pace due to the rising demand from production of packaging materials for food and beverage. The manufactures prefer effective packaging to reduce the possibility of food contamination and loss of quality. The use of Polymer in fashion, sports, and toys is growing due to its ability to resist physical stresses, durability, provide flexibility in packaging, and allow easy molding of products. In the agriculture industry, the application of Polymer is growing owing to increasing demand for drippers, micro tubes, nozzles, and emitting pipes at irrigation fields. Therefore, an increase in the application of Polymer automotive, electrical and electronics, food and beverage, and consumer goods industries is propelling the Polymers Market share.